Residential vacancy rates have dropped in 2007 and that has created a demand for rental homes
Mt. Pleasant, PA (Vocus) October 30, 2007
Foreclosure filings since September 2006 in Arizona have increased 310 percent, while in California they rose 422 percent and Florida’s foreclosures are up 316 percent, according to Default Research (http://www.defaultresearch.com), the fastest growing foreclosure research company in the nation.
The company is also reporting that over the past month, the counties in each of those states that lead in new foreclosure filings are Maricopa County in Arizona (an increase of 2,127), Los Angeles County in California (5,940 new filings) and Florida’s Broward County (1,141 foreclosures).
“In our extensive national coverage, these three states had some of the largest foreclosure increases in the past year,” said Serdar Bankaci, President/CEO of Default Research. “Many properties around the country -- and especially in Arizona, California and Florida -- are being returned to the banks through the foreclosure process. With escalating home inventories up, home sales down about 13 percent from last year and median home prices remaining relatively stable, the market is pretty dismal.”
The outlook is not bleak for Default Research customers. Bankaci is quick to point out that this is actually a perfect time for the savvy real estate investor to turn a foreclosure into profit.
“Residential vacancy rates have dropped in 2007 and that has created a demand for rental homes,” said Bankaci, whose company provides foreclosure leads two to three weeks ahead of the competition. “You can earn rental income and also reap profits from appreciation as the market begins to turn in the coming years. Rentals will continue to be desirable as homeowners may be unable or unwilling to obtain credit from lenders.”
While Bankaci and Default Research are always trying to offer their clients foreclosure advice to help families in distress and realize a profit, the company does not see inflating foreclosure statistics as an appropriate method of increasing their own business. In fact, Bankaci proudly points out the accuracy and dependability of his foreclosure statistics as some major newspapers around the country begin to report that certain foreclosure research firms are over-reporting statistics for self gain.
“While our numbers seem lower or conservative compared to other foreclosure research companies, I know they are accurate and I am confident that each foreclosure property is counted only once,” said Bankaci. “I have known for years that many firms report the same property in their statistics between five to ten times, which severely over-inflates their numbers. Default Research only reports a specific property once as it proceeds through the foreclosure process, and this is a much more accurate representation of the current market.”
For a full listing of all of the foreclosure statistics in the counties covered by Default Research, please go to http://www.newsletter.defaultresearch.com. With an emphasis on educating people about the foreclosure crisis, Default Research also offers extensive foreclosure resources, links to free informational teleseminars, and a link to their growing national monthly foreclosure education newsletter, The Homestand.
Default Research is the national leader in foreclosure research. More information about Default Research can be found at its Web site: http://www.defaultresearch.com.
If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please e-mail Josh Chernikoff.